HOUSE BUYING 101
|House buying 101. As helpful and an informative as a class might be in introducing you to the world of first time home buyers the reality of the process is often very different. As my brother constantly advised us to remember this is a major, if not THE major business decision of your life and there is no room for emotionalism when dealing with various players in the game of ownership.
One aspect is the almost fanatical fear of being held legally liable for offering an opinion by people whose expertise you pay dearly for and from whom you expect some specific guidance. For example house inspections that produce a detailed litany of repairs in a very detailed report that does not list those needed repairs in order of most immediate and or necessary. When you ask for such a list you are told that doing so could well jeopardise the inspector’s impartiality! Forget getting even a general ball park figure for the cost of such repairs because you are told that essentially “that is not my job to know or have such information”!
So then you are left with obtaining a licensed and certified contractor to do this but you are advised that in this the area that might prove difficult because of the building boom. Your gut response is “oh really so you are saying in this thriving market contractors are so busy they can’t be bothered with such a job even though just a few short years ago they would have begged for the work”! Now keep in mind your due diligence period is ticking and the possibility of loosing a great deal of money you have already paid out is looming over your head because the sellers may not agree to the repairs and or refuse to reduce the asking price.
You were given a song and dance routine in class of how much this is a team effort but in reality it is mostly not! You are left to be the most proactive person in the process and look after as best you can your own interests. Lastly you begin to realise that in this nation the cards are stacked against you if you are a buyer. What other nation besides the US requires the inspection AFTER the contract rather than BEFORE!
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